- (1.) Invoking the provisions of Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act), the present appeal has been preferred by the Revenue to challenge therein the order of the Income Tax Appellate Tribunal, Delhi Bench "A", New Delhi (hereinafter referred to as the Tribunal).
(2.) The matter in question pertains to the assessment year 2007-08. In the appeal, the following question of law, among others, has been raised :- "Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in upholding the decision of the Ld. CIT (A) in deleting the addition of Rs. 1,33,29,548/- made by the Assessing Officer on account of bogus purchases especially when the assessee failed to prove that purchases were genuine."
(3.) The facts, in brief, which need to be noticed for adjudicating upon the present appeal, are that the Assessing Officer, after holding that the purchases from five creditors/vendors, the names of whom were tabulated in the assessment order, were bogus, ordered to disallow such purchases made by the assessee from those creditors. For arriving at that conclusion, the Assessing Officer noted that in spite of opportunity granted, none of the afore-referred five creditors/vendors had been produced by the assessee and no reason for the same had been offered.;